ROCKVILLE, Md.--(BUSINESS WIRE)-- RegeneRx Biopharmaceuticals, Inc. (“the Company” or “RegeneRx”) announced today that beginning with the opening of trading on December 23, 2010, the Company’s common stock is expected to be quoted on the OTC Bulletin Board under the symbol RGRX following its suspension from the NYSE Amex as of that date.
As previously announced, on October 26, 2010 the Company received notice from the staff of the NYSE Amex that the Company had failed to regain compliance with continued listing standards and, accordingly, the Company’s securities were subject to delisting proceedings. The Company appealed the determination and initially requested a hearing before a Listing Qualifications Panel. However, the Company withdrew the request on December 15, 2010.
“While we are disappointed that we were unable to maintain our NYSE Amex listing, we continue to focus on our dual missions of generating positive clinical data and seeking strategic partners to develop our product candidates,” stated J.J. Finkelstein, RegeneRx’s president and chief executive officer. “We will pursue our ongoing clinical and business initiatives while our common stock is quoted on the OTC Bulletin Board and may seek to return to the NYSE Amex or NASDAQ at a time when we can readily meet the initial and continued listing requirements.”
While its common stock is quoted on the OTC Bulletin Board, the Company plans to file periodic reports with the SEC pursuant to the requirements of the Securities Exchange Act of 1934, as amended.
About RegeneRx Biopharmaceuticals, Inc.
RegeneRx is focused on the development of a novel therapeutic peptide, Thymosin beta 4, or Tβ4, for tissue and organ protection, repair and regeneration. RegeneRx currently has three drug candidates in clinical development and has an extensive worldwide patent portfolio covering its products.
RGN-352 is an injectable formulation to treat cardiovascular and central nervous system diseases, as well as other medical indications. RegeneRx is initially targeting RGN-352 for the treatment of patients who have suffered an acute myocardial infarction, or heart attack. Recent pre-clinical efficacy data suggests that RGN-352 may also benefit patients with multiple sclerosis, stroke and traumatic brain injury. RegeneRx recently received a $3 million, three-year development grant from the NIH to support the company’s acute myocardial infarction program. RGN-259 is a sterile, preservative-free topical eye drop for ophthalmic indications. RGN-137, a topical gel formulation, is currently being evaluated by RegeneRx in a Phase 2 clinical trial for the treatment of the orphan skin disease epidermolysis bullosa. Other potential uses for RGN-137 include the treatment of chronic dermal wounds and reduction of scar tissue.
In addition to the pharmaceutical product candidates described above, RegeneRx is pursuing the commercial development of peptide fragments of Tβ4 for potential cosmeceutical use. RegeneRx holds numerous patents and patent applications worldwide related to its products and holds an exclusive worldwide license from the National Institutes of Health, as well as other licenses related to Tβ4.
About the OTC Bulletin Board
The OTCBB is a quotation service that is owned and regulated by the Financial Industry Regulatory Authority. The OTCBB displays real-time quotes, last sale prices and volume information in over-the-counter equity securities. OTCBB securities are traded by a community of registered market makers that enter quotes and trade reports through a computer network. Information regarding the OTCBB, including stock quotes, can be found at www.otcbb.com. Investors should contact their broker for further information about executing trades in the Company's common stock on the OTCBB.
Any statements in this press release that are not historical facts are forward-looking statements made under the provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. You are urged to consider statements that include the words “continuing,” “ongoing,” “potential,” “will,” ”may,” or the negative of those words, or other similar expressions or words, to be uncertain and forward-looking. Factors that may cause actual results to differ materially from any future results expressed or implied by any forward-looking statements include the risk that we may not be successful in effecting the orderly transition of our common stock from the NYSE Amex to the OTC Bulletin Board, as well as other risks and uncertainties inherent in our business, including the risk that our product candidates do not demonstrate safety and/or efficacy in future clinical trials; risks related to our ability to obtain financing to support our operations on commercially reasonable terms; the progress, timing or success of our clinical trials; difficulties or delays in development, testing, obtaining regulatory approval for producing and marketing our product candidates; regulatory developments; the size and growth potential of the markets for our product candidates and our ability to serve those markets; the scope and validity of patent protection for our product candidates; competition from other pharmaceutical or biotechnology companies; and other risks described in our filings with the Securities and Exchange Commission (“SEC”), including those identified in the “Risk Factors” section of our annual report on Form 10-K for the year ended December 31, 2009, and our quarterly report on Form 10-Q for the quarter ended September 30, 2010, as well as other filings we make with the SEC. Any forward-looking statements in this press release represent our views only as of the date of this release and should not be relied upon as representing its views as of any subsequent date. We anticipate that subsequent events and developments may cause our views to change, and we specifically disclaim any obligation to update this information, as a result of future events or otherwise, except as required by applicable law.
KEYWORDS: United States North America Maryland
INDUSTRY KEYWORDS: Health Biotechnology Pharmaceutical